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Bybit CEO: By the end of last year, the stolen losses have been compensated, and the golden period of global expansion has passed

Bybit CEO Ben Zhou recently stated in an interview with Wu Shuo that Bybit has covered the losses caused by previous attacks from North Korean hackers through operational income such as transaction fees by the end of last year. He believes that there will still be trading platforms that encounter hacker attacks in the future, and the security system should be designed with the premise of "assuming it will definitely be hacked."Regarding competition, Ben Zhou believes that the golden period for the expansion of global trading platforms has passed, and the industry will further consolidate. Regional trading platforms with licenses and local operational capabilities still have opportunities. He revealed that Bybit's profits have declined year-on-year this year, and traditional asset trading businesses such as stocks are currently not enough to offset the impact brought by the cryptocurrency business.In terms of the U.S. market, he stated that Bybit is still waiting for the right opportunity to enter and is more inclined to cooperate with local institutions that have a retail user base. The core strategy for the next year will focus on regional development and deep localization. He also discussed the differences between the Bitget security incident and the Bybit theft incident, as well as the data security challenges brought by the large-scale application of AI within the platform.

first_img Backbone Labs bOSMO contract vulnerability leads to support exhaustion, Osmosis announces compensation plan

The liquid staking token bOSMO issued by Backbone Labs nearly exhausted its contract support after a large redemption in the Osmosis community pool. A disclosure on the Osmosis forum on October 15 revealed that approximately 40,508 OSMO were designated for compensation to 1,037 accounts. The disclosure author Johnny Wyles stated that the staking contract has overpaid for each redemption since at least April 2026, settling at approximately 1.676 OSMO per bOSMO, while the declared exchange rate of the contract was about 1.117 OSMO.The vulnerability repeatedly counted the OSMO staked on Backbone's own validators, allowing redeemers to receive about 50% more assets, at the cost of diluting the support for remaining holders. The defect was exposed when preparing to liquidate the community pool position, and the passed governance proposal 1049 authorized the withdrawal of the Margined managed treasury position and the destruction of the reclaimed OSMO when it ceased managing liquidity operations. The pool's bOSMO treasury holds approximately 1.137 million bOSMO, accounting for about 97% of the total supply of the token; the redemption transaction executed on October 9 at 21:59 ET destroyed 776,000 bOSMO and began unbinding approximately 1.3 million OSMO.Compensation is based on the qualified balance at block 72,237,940, calculated at 1.1174 OSMO per bOSMO. bOSMO purchased after the snapshot is not included in the compensation, and underlying holders in the liquidity pool and other contracts are also included;
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